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1) Which of the following is not one of the three core economic issues that must be resolved?
A) How to produce the goods and services we select.
B) What to produce with unlimited resources.
C) Who should get the goods and services we produce.
D) What to produce with limited resources.
Answer: B
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-04 The three core economic questions that every society must answer.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Answer: B
Difficulty: 1 Easy
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Answer: C
Difficulty: 1 Easy
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
1
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Answer: B
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-02 How scarcity creates opportunity costs.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Answer: A
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-02 How scarcity creates opportunity costs.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Answer: D
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
2
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7) Factors of production are
A) Scarce in every society.
B) Scarce only in advanced countries.
C) Scarce only in the poorest countries of the world.
D) Unlimited in quantity.
Answer: A
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Answer: B
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
9) With respect to factors of production, which of the following statements is not true?
A) Factors of production are also known as resources.
B) In order to produce any good or service, it is necessary to have factors of production.
C) Factors of production include land, labor, capital, and entrepreneurship.
D) Only those resources that are privately owned are counted as factors of production.
Answer: D
Difficulty: 2 Medium
Topic: Scarcity: The Core Problem
Learning Objective: 01-01 What scarcity is.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
3
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
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